Total product sales for the three months ended March 31, 2015 were
$38.4 million (excluding $7.0 million in deferred revenue)
compared to $40.1 million in the same period last year

Non-GAAP EPS for the three months ended March 31, 2015 was
($0.07), and GAAP EPS was ($0.39)

The Company expects to exit 2015 with Cash and Cash Equivalents of
more than $100 Million

May 07, 2015 04:00 PM Eastern Daylight Time

HENDERSON, Nev.--(BUSINESS WIRE)--Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biotechnology company
with fully integrated commercial and drug development operations with a
primary focus in hematology and oncology, announced today financial
results for the three-month period ended March 31, 2015.

“Spectrum has embarked upon 2015 with promising late-stage assets that
give me immense confidence in the future of our Company,” said Rajesh C.
Shrotriya, MD, Chairman and Chief Executive Officer of Spectrum
Pharmaceuticals. “2015 will be a pivotal year in the development of
several of our assets. We recently shared exciting Phase 2 data from
SPI-2012 and are making progress towards initiating a global pivotal
trial for this potential blockbuster product. Contingent on a positive
FDA decision later this year, we plan to launch EVOMELA with our
existing sales force. We are making progress towards filing an NDA for
Apaziquone, which targets a disease with high unmet need. I am also very
excited about our recent acquisition of Poziotinib, a novel pan-HER
inhibitor which has shown remarkable efficacy in early clinical trials
in patients with breast cancer. We have a lot to be excited about and
are invigorated to rapidly and efficiently bring several exciting drugs
to cancer patients.”

Three-Month Period Ended March 31, 2015 (All
numbers are approximate)

GAAP Results

Total product sales were $38.4 million (excluding $7 million in deferred
revenue) in the first quarter of 2015. Total product sales decreased 4%
from $40.1 million in the first quarter of 2014.

Spectrum recorded net loss of $25.6 million, or ($0.39) per basic and
diluted share in the three-month period ended March 31, 2015, compared
to net loss of $27.6 million, or ($0.44) per basic and diluted share in
the comparable period in 2014. Total research and development expenses
were $15.9 million in the quarter, as compared to $29.5 million in the
same period in 2014 which included a $17.8 million milestone payment.
Selling, general and administrative expenses were $23.3 million in the
quarter, compared to $23.4 million in the same period in 2014.

Non-GAAP Results

Spectrum recorded non-GAAP net loss of $4.7 million, or ($0.07) per
basic share and diluted share in the three-month period ended March 31,
2015, compared to non-GAAP net income of $0.7 million, or $0.01 per
basic share and diluted share in the comparable period in 2014. Non-GAAP
research and development expenses were $12.4 million, as compared to
$11.2 million in the same period of 2014. Non-GAAP selling, general and
administrative expenses were $22.9 million, as compared to $20.7 million
in the same period in 2014.

2015 Financial Guidance

Spectrum projects 2015 year-end Cash and Cash Equivalents over $100
million, excluding any new business development transactions.

Conference Call

Thursday, May 7, 2015 @ 4:30 p.m. Eastern/1:30
p.m. Pacific

Domestic: (877) 837-3910, Conference ID# 22837264

International: (973) 796-5077, Conference ID# 22837264

This conference call will also be webcast. Listeners may access the
webcast, which will be available on the investor relations page
of Spectrum Pharmaceuticals' website: www.sppirx.com on May
7, 2015 at 4:30 p.m. Eastern/1:30 p.m. Pacific.

About Spectrum Pharmaceuticals, Inc.

Spectrum Pharmaceuticals is a leading biotechnology company focused on
acquiring, developing, and commercializing drug products, with a primary
focus in oncology and hematology. Spectrum and its affiliates market
five oncology drugs─ FUSILEV® (levoleucovorin) for Injection
in the U.S.; FOLOTYN® (pralatrexate injection), also marketed
in the U.S.; ZEVALIN® (ibritumomab tiuxetan) Injection for
intravenous use, for which the Company has worldwide marketing rights;
MARQIBO® (vinCRIStine sulfate LIPOSOME injection) for
intravenous infusion, for which the Company has worldwide marketing
rights and BELEODAQ®(belinostat) for Injection in the
U.S. Spectrum's strong track record in in-licensing and acquiring
differentiated drugs, and expertise in clinical development have
generated a robust, diversified, and growing pipeline of product
candidates in advanced-stage Phase 2 and Phase 3 studies. More
information on Spectrum is available at www.sppirx.com.

About Evomela™

Evomela, Propylene Glycol-free Melphalan is a novel intravenous
formulation of melphalan being investigated for the multiple myeloma
transplant setting, for which it has been granted an Orphan Drug
Designation by the FDA. This formulation eliminates the need to use
propylene glycol containing custom diluent, which has been reported to
cause renal and cardiac side effects, which in turn limit the ability to
deliver higher doses of therapeutic compounds. The use of the Captisol®
technology to reformulate melphalan also improves its stability and is
anticipated to allow for slower infusion rates and longer administration
durations, potentially enabling clinicians to safely achieve a higher
dose intensity for pre-transplant chemotherapy.

About Captisol®

Captisol is a patent-protected, chemically modified cyclodextrin with a
structure designed to optimize the solubility and stability of drugs.
Captisol was invented and initially developed by scientists in the
laboratories of Dr. Valentino Stella at the University of Kansas’
Higuchi Biosciences Center for specific use in drug development and
formulation. This unique technology has enabled six FDA-approved
products, including Onyx Pharmaceuticals’ Kyprolis®, Baxter
International’s Nexterone® and Merck’s NOXAFIL IV. There are
also more than 30 Captisol-enabled products currently in clinical
development.

Forward-looking statement — This press release may contain
forward-looking statements regarding future events and the future
performance of Spectrum Pharmaceuticals that involve risks and
uncertainties that could cause actual results to differ
materially. These statements are based on management's current beliefs
and expectations. These statements include, but are not limited to,
statements that relate to our business and its future, including certain
company milestones, Spectrum's ability to identify, acquire, develop and
commercialize a broad and diverse pipeline of late-stage clinical and
commercial products, leveraging the expertise of partners and employees
around the world to assist us in the execution of our strategy, and any
statements that relate to the intent, belief, plans or expectations of
Spectrum or its management, or that are not a statement of historical
fact. Risks that could cause actual results to differ include the
possibility that our existing and new drug candidates may not prove safe
or effective, the possibility that our existing and new applications to
the FDA and other regulatory agencies may not receive approval in a
timely manner or at all, the possibility that our existing and new drug
candidates, if approved, may not be more effective, safer or more cost
efficient than competing drugs, the possibility that our efforts to
acquire or in-license and develop additional drug candidates may fail,
our lack of sustained revenue history, our limited marketing experience,
our dependence on third parties for clinical trials, manufacturing,
distribution and quality control and other risks that are described in
further detail in the Company's reports filed with the Securities and
Exchange Commission. We do not plan to update any such forward-looking
statements and expressly disclaim any duty to update the information
contained in this press release except as required by law.

SPECTRUM PHARMACEUTICALS, INC. ®, FUSILEV®,
FOLOTYN®, ZEVALIN®, MARQIBO®,
and BELEODAQ® are registered trademarks of Spectrum
Pharmaceuticals, Inc and its affiliates.REDEFINING CANCER CARE™,
EVOMELA™ and the Spectrum Pharmaceuticals logos are trademarks owned by
Spectrum Pharmaceuticals, Inc.Any other trademarks are the
property of their respective owners.

In this press release, Spectrum reports certain historical and expected
non-GAAP results. Non-GAAP financial measures are reconciled to the most
directly comparable GAAP financial measure in the tables of this press
release and the accompanying footnotes. The non-GAAP financial measures
contained herein are a supplement to the corresponding financial
measures prepared in accordance with generally accepted accounting
principles (GAAP). The non-GAAP financial measures presented exclude the
items summarized in the below table. Management believes that
adjustments for these items assist investors in making comparisons of
period-to-period operating results and that these items are not
indicative of the Company's on-going core operating performance.

Management uses non-GAAP net income (loss) in its evaluation of the
Company's core after-tax results of operations and trends between fiscal
periods and believes that these measures are important components of its
internal performance measurement process. Management believes that
providing these non-GAAP financial measures allows investors to view the
Company's financial results in the way that management views the
financial results.

The non-GAAP financial measures presented herein have certain
limitations in that they do not reflect all of the costs associated with
the operations of the Company's business as determined in accordance
with GAAP. Therefore, investors should consider non-GAAP financial
measures in addition to, and not as a substitute for, or as superior to,
measures of financial performance prepared in accordance with GAAP. The
non-GAAP financial measures presented by the Company may be different
from the non-GAAP financial measures used by other companies.

SPECTRUM PHARMACEUTICALS, INC.

Condensed Consolidated Statements of Operations and
Reconciliation of Non-GAAP Adjustments